Mykonos real estate company and artist caught in €1 million tax evasion scheme

Three real estate holding company shareholders in Mykonos, Greece, face hefty tax bills and potential criminal charges after authorities uncovered significant undeclared income.

The company, which rents villas and property within a well-known club on the island, is owned by a prominent artist and two businessmen active in the Attica catering industry. An algorithm used by the Independent Public Revenue Authority (AADE) reportedly flagged suspicious activity, leading auditors to investigate the shareholders' income.

The investigation revealed that the three individuals received substantial undeclared income from the company in 2020 and 2021. This resulted in significant tax liabilities, including:

  • €376,000 for the artist (including penalties)
  • €383,000 for one businessman (including penalties)
  • €244,000 for the other businessman (including penalties)

The total tax owed by the three individuals surpasses €1 million.

AADE auditors are now conducting a comprehensive review of the shareholders' overall tax history, including their personal finances and involvement in the Mykonos company. Additionally, criminal charges are likely to be pursued for tax evasion offences.

 

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